Kalkine: Why Airwallex Shuns Crypto Despite Fintech Surge and ASX 200 Momentum

Highlights

• Airwallex CEO expresses doubts about real-world benefits of cryptocurrencies

• Stablecoins viewed as costly and impractical for business-to-business use

• ASX 200 remains focused on innovation as fintech sectors diverge on crypto

The broader financial technology sector continues to play a significant role in Australia’s corporate landscape, with companies such as Airwallex shaping the discourse around digital payments and blockchain integration. Amid a growing wave of enthusiasm surrounding digital currencies, Airwallex, a key player in cross-border transaction infrastructure, remains firmly opposed to integrating cryptocurrency functionality into its business model. This development comes at a time when the ASX 200 index shows strength across sectors such as technology and financial services.

Founded with a focus on enabling global commerce through seamless payment infrastructure, Airwallex has expanded across multiple regions and attracted global funding. Despite that growth trajectory, the company’s leadership has taken a notably reserved stance regarding the use of blockchain and crypto-related instruments in its core offerings.

Airwallex CEO Critiques Crypto Functionality

Co-founder and CEO Jack Zhang publicly addressed the growing fascination with digital currencies, expressing frustration over the recurring hype cycles surrounding them. He reiterated that even after many years of development and speculation, no tangible application of cryptocurrency has proven essential in solving foundational problems for large-scale financial transactions.

The comments were issued through a professional networking platform and reflected skepticism about the effectiveness of digital tokens, including stablecoins, in business contexts. Zhang emphasized that despite the growing narrative around digital money and blockchain-enabled finance, none of the models have offered consistent or superior performance in key areas such as cost efficiency or transactional scalability.

Stablecoins Viewed as Inefficient in Real Transactions

Stablecoins, often cited as the most practical crypto instruments due to their link to fiat currencies, are frequently considered a bridge between traditional finance and blockchain-based solutions. However, Airwallex's leadership dismissed their applicability within the business-to-business payments ecosystem.

According to Zhang, the costs associated with converting stablecoins into fiat currencies often exceed those in traditional foreign exchange channels. This inefficiency challenges the frequently promoted benefits of instant and cost-effective transfers through digital currencies, particularly when applied to enterprise-level operations and real-time settlement requirements.

The comments suggest that while consumer-level digital wallets and platforms may experiment with crypto integration, companies managing complex, regulated, and large-scale flows remain cautious about adopting blockchain technologies.

Fintech Firms Define Their Own Innovation Path

Airwallex’s decision to distance itself from crypto-related infrastructure highlights a broader trend within fintechs that are selectively aligning their strategies with sustainable and scalable technologies. While some startups adjust branding and product development to fit digital asset narratives, others, like Airwallex, continue refining traditional financial rails with a focus on compliance, speed, and global reach.

As the ASX 200 reflects sectoral growth, fintech companies are finding multiple pathways to innovation beyond digital currencies. The divergence of views on crypto utility among major fintechs underscores the evolving nature of financial services and the diverse strategies being deployed to meet market demands without relying on emerging technologies that lack proven business case benefits.